Accounting 3 4 Course Outline Board Approved: October 10, 1995 I. Course Information A. Course Title: Accounting 3-4 B. Course Code Number: BU143 C. Course Length: One Year D. Grade Level: 12 E. Units of Credit: 10 Credits F. Prerequisites: Accounting 1-2 G. Type of Course: Elective II. Course Description The Accounting 3-4 course is for students who have satisfactorily completed Accounting 1-2 and is a continuation of the first year class. Students who complete this course satisfactorily will have studied the material covered in the second quarter course in a college, university or technical school. III. Course Content Defined in Goals, Objectives and Performance Indicators 1. Corporate Accounting for a Merchandising Business The student will study corporate accounting techniques. 1.1 Accounting Terminology The student will know accounting terminology related to an accounting system for merchandising business organized as a corporation. 1.1.1 Use of Accounting Terminology The student will use proper accounting terminology in the preparation of all reports. 1.2 Understand Accounting Concepts The student will understand accounting concepts and practices related to an accounting system for a merchandising business organized as a corporation. 1.2.1 Use of Accounting Concepts in a Corporate Setting The student will relate accounting concepts to a corporate merchandising business. 1.3 Understand Corporate Accounting Procedures The student will demonstrate accounting procedures used in an accounting system for a merchandising business organized as a corporation. 1.3.1 Journalize Purchase The student will journalize purchases on account in a purchases journal.
1.3.2 Post Purchases The student will post a purchases journal to an accounts payable ledger. 1.3.3 Post Totals The student will post the totals of a purchases journal to a general ledger. 1.3.4 Post Purchases to Named Vendor The student will post the purchases journal to the named vendor s account in the accounts payable ledger. 1.4 Recording in a Cash Payments Journal The student will journalize cash payments in a cash payments journal. 1.4.1 Figure Trade Discounts The student will figure trade discounts. 1.4.2 Figure Cash Discounts The student will figure cash discounts. 1.4.3 Figure Purchase Discounts The student will figure purchase discounts. 1.4.4 Figure Cash Payments The student will journalize cash payments on account with purchases discounts 1.4.5 Post Cash Payments to an Accounts Payable Ledger The student will post a cash payments journal to an accounts payable ledger. 1.4.6 Post Cash Payments to a General Ledger The student will post a cash payments journal to a general ledger. 1.5 Recording Transactions in a General Journal The student will record transactions in a general journal. 1.5.1 Journalize Purchase Returns The student will journalize purchase returns and allowances in a general journal. 1.5.2 Journalize Buying Supplies on Account The student will journalize buying supplies on account. in an accounts payable ledger. 1.6 Journalizing Sales and Cash Receipts Special Journals The student will complete recording sales and cash receipts in special journals. 1.6.1 Accounting Terminology The student will know accounting terminology related to sales and cash receipts. 1.6.2 Record Sales on Account The student will post a sales journal to an accounts receivable ledger. 1.6.3 Post Sales on Account The student will post a sales journal to an accounts receivable ledger. 1.6.4 Post Sales Journal Totals The student will post the totals of a sales journal to a general ledger. 1.7 Journalizing Cash Receipts Using a Cash Receipts Journal The student will complete the journalizing of cash receipts in the correct journal. 1.7.1 Journalize Cash Receipts The student will journalize cash receipts in a cash receipts journal. 1.7.2 Figure and Journalize Cash Receipts The student will figure and journalize cash receipts on account with sales discounts. 1.7.3 Post Cash Receipts to an Accounts Receivable Ledger The student will post a cash receipts journal to an accounts receivable ledger. 1.7.4 Post Cash Receipts Journal to a General Ledger The student will post a cash receipts journal to a general ledger. 1.8 Transactions That Cannot Be Posted in a Special Journal Journalizing those transactions that cannot be posted in a special journal, to a general journal. 1.8.1 Journalizing of Other Transactions to a General Journal The student will complete journalizing of other transactions to a general journal. 1.8.2 Journalize Sales Returns and Allowances The student will journalize sales returns and allowances in a general journal.
1.8.3 Journalize Correcting Entries The student will journalize correcting entries affecting customers accounts in a general journal. 1.9 Schedule of Accounts Receivable The student will prepare a schedule of accounts receivable. 1.9.1 Understand Skills and Techniques The student will understand the skills and techniques needed to prepare a schedule of accounts receivable. 2. Automated Accounting Cycle for a Corporation The student will learn to computerize fiscal period transactions for a corporation using automated accounting software. 2.1 Recording and Posting Business Transactions The student will learn recording and posting techniques for an automated accounting cycle for a corporation. 2.1.1 Build a Chart of Accounts The student will build a chart of accounts on the appropriate computer input form. 2.1.2 Record Transactions The student will record transactions not affecting subsidiary ledgers on the appropriate computer input forms. 2.1.3 Record Accounts Payable The student will record accounts payable transactions on the appropriate computer input forms. 2.1.4 Key-Enter Accounts Payable The student will key-enter accounts payable transactions on a computer. 2.2 Record Accounts Receivable The student will record accounts receivable transactions on the appropriate computer input forms. 2.2.1 Record Sales on Computer Input Forms The student will record sales on account with sales tax on the appropriate computer input form. 2.2.2 Cash Received on Account with a Sales Discount The student will record cash received on account with a sales discount on the appropriate computer input form. 2.2.3 Record Sales Returns and Allowances on Computer Input Forms The student will record sales returns and allowances on the appropriate computer input form. 2.2.4 Key-Enter Accounts Receivable On a Computer The student will key-enter accounts receivable transactions on a computer from the appropriately filled out computer input forms. 3. Payroll Records The student will learn the basic concepts of accounting for payroll records. 3.1 Accounting Terminology The student will understand accounting terminology. 3.1.1 Terms Related to Payroll Records The student will know accounting terms related to payroll records. 3.2 Identify and Record Accounting Practices Related to Payroll The student will identify and record accounting practices related to payroll records. 3.2.1 Analyze Payroll Time Card The student will analyze a payroll time card. 3.2.2 Figure Gross Earnings The student will figure each employee s gross earnings from a time card. 3.2.3 Determine Tax Withholding The student will determine from an Income Tax Withholding table the correct amount of Federal Income Tax to be withheld from an employee s gross earnings. 3.2.4 Compute FICA Tax Withholding The student will compute the amount of FICA tax to be withheld from an employee s gross earnings.
3.2.5 Complete Payroll Checks The student will complete payroll checks for each employee accurately. 3.3 Employees Earning Records The student will complete all parts of a payroll register. 3.3.1 Record Information The student will record information on an employee s earnings record. 3.3.2 Analyze Earnings Record The student will accurately analyze an employee s earnings record. 3.3.3 Complete Payroll Register The student will accurately complete a payroll register. 3.3.4 Pegboard Processing of a Payroll The student will successfully complete a payroll simulation using a pegboard device or system. 4. Payroll Accounting, Taxes, and Reports The student will complete payroll accounting and reports. 4.1 Recording a Payroll The student will complete the accurate recording of a payroll. 4.1.1 Analyze the Payroll Register The student will accurately analyze the payroll register s column totals into debits and credits. 4.1.2 Journalize a Payroll Entry The student will accurately journalize a payroll entry in a cash payments journal. 4.1.3 Post Payroll Entry The student will accurately post a payroll entry to the general ledger accounts. 4.2 Recording an Employer s Payroll Taxes The student will record employee s payroll taxes. 4.2.1 Figure and Record FICA Tax The student will accurately figure and record in a general journal the employer s FICA tax. 4.2.2 Figure and Record Unemployment Tax The student will accurately figure and record in a general journal the employer s Federal unemployment tax. 4.2.3 Journalize Payroll Taxes The student will accurately and completely journalize an employer s payroll taxes in a general journal. 4.2.4 Post Employers Payroll Taxes The student will post an employer s payroll taxes entry to the general ledger accounts. 4.3 Reporting Withholding and Payroll Taxes The student will accurately complete tax forms. 4.3.1 Complete Federal Form 941. The student will accurately and completely fill in a Federal Form 941, Employer s Quarterly Federal Tax Return. 4.3.2 Complete Form W-2 The student will accurately and completely complete Form W-2, Wage and Tax Statement for employees. 4.3.3 Complete Form W-3 The student will accurately and completely prepare a Form W-3, Transmittal of Income and Tax Statements. 4.3.4 Complete Form 940 The student will accurately and completely prepare a Form 940, Employer s Annual Federal Unemployment Tax Return. 5. Accounting for Uncollectible Accounts Receivable The student will properly account for uncollectible accounts receivable. 5.1 Accounting Terminology The student will understand accounting terminology.
5.1.1 The student will define accounting terms related to uncollectible accounts. 5.2 Identify Accounting Concepts Related to Uncollectible Accounts. The student will identify concepts and practices related to uncollectible accounts. 5.5.1 Estimate Bad Debts The student will estimate bad debts expense based on total sales on account. 5.2.2. Analyze Bad Debts The student will analyze a bad debts expense adjustment. 5.3 Record and Post Uncollectible Accounts The student will record and post entries related to uncollectible accounts. 5.3.1 Bad Debt The student will record a bad debt expense adjustment on a work sheet. 5.3.2 Post and Adjust Entries The student will post an adjusting entry for bad debts expense. 5.3.3 Post Write Offs The student will post an entry to write off an uncollectible account receivable. 5.3.4 Analyze and Journalize Write Offs The student will analyze and journalize collection of a written-off account receivable. 5.3.5 Post Write Offs The student will post an entry for collection of a written-off account receivable. 6. Accounting for Plant Assets and Depreciation The student will learn techniques for proper accounting of plant assets and depreciation. 6.1 Accounting Terminology The student will learn proper accounting terminology. 6.1.1 Define Accounting Terms The student will define accounting terms related to plant assets and depreciation. 6.1.2 Identify Accounting Concepts The student will identify accounting concepts and practices related to accounting for plant assets and depreciation. 6.2 Figuring Depreciation Expense The student will identify the factors affecting depreciation expense. 6.2.1 Figure Plant Assets The student will figure depreciation expense and book value of a plant asset. 6.3 Preparation of Plant Asset Records The student will prepare a record of plant assets. 6.3.1 Record Plant Assets The student will record plant asset information in a plant asset record. 6.3.2 Disposition a Plant Asset The student will journalize the disposal of a plant asset. 6.3.3 Sale of a Plant Asset The student will journalize the sale of a plant asset. 7. Accounting for Notes and Interest The student will identify terminology and accounting concepts related to notes and interest. 7.1 Accounting Terminology The student will define specific accounting terms. 7.1.1 Terms Related to Notes and Interest The student will define accounting terms related to notes and interest. 7.2 Identify Accounting Concepts Related to Notes and Interest The student will identify accounting concepts and practices related to notes and interest. 7.2.1 Analyze Promissory Note The student will analyze a promissory note.
7.2.2 Figure Interest The student will figure interest for a promissory note. 7.2.3 Figure Maturity Date The student will figure the maturity date for a promissory note. 7.2.4 Issue Notes Payable The student will issue a note payable to borrow money from a bank. 7.2.5 Pay Principle and Interest The student will pay principle and interest on a note payable at maturity. 7.2.6 Issue Note Payable The student will issue a note payable for an extension of time. 7.2.7 Issue Discounted Note Payable The student will issue a discounted note payable. 7.2.8 Record Note Payable The student will record a note payable for an extension of time. 7.2.9 Record Discounted Note Payable The student will record an issued discounted note payable. 7.2.10 Record Principle and Interest The student will record principle and interest on a note receivable at maturity. 7.2.11 Acknowledge Dishonored Note Receivable The student will acknowledge a dishonored note receivable. 7.2.12 Record Mature Note Receivable The student will record a note receivable at maturity. 8. Accounting for Accrued Items The student will account for accrued items. 8.1 Accounting Terminology The student will define accounting vocabulary related to notes and interest. 8.1.1 Define Accounting Terms The student will define accounting terms. 8.2 Accounting Concepts and Practices Related to Accrued Revenue and Accrued Expenses The student will use concepts and practices related to expenses. 8.2.1 Make Adjusting Entry The student will make an adjusting entry for accrued revenue. 8.2.2 Make Closing Entry The student will make a closing entry for interest income 9. End of-fiscal-period Work for a Corporation The student will complete an end-of-a-fiscal-period report for a corporation. 9.1 Accounting Terminology The student will learn proper accounting vocabulary. 9.1.2 Define Accounting Terms The student will define accounting terms related to end-of-the-fiscal-period work for a corporation. 9.2 Use Current Concepts The student will use current accounting concepts and practices related to end-of-the-fiscal period work for a corporation. 9.2.1 Journalize Dividends The student will journalize the declaration and payment of a dividend. 9.2.2 Pay a Dividend The student will pay a dividend. 9.3 Plan for Adjustments The student will plan end-of-the-fiscal-period adjustments for a corporation. 9.3.1 Complete Corporation Work Sheet The student will complete a work sheet for a corporation. 9.3.2 Record Trial Balance The student will record a trial balance on a work sheet. 9.3.3 Prepare Adjustments The student will prepare adjustments on a work sheet.
9.3.4 Make Interest Income Adjustments The student will make the interest income adjustment on a work sheet. 9.3.5 Make Bad Debts Adjustments The student will make the bad debts expense adjustment on a work sheet. 9.3.6 Make Supplies Adjustment The student will make the supplies adjustment on a work sheet. 9.3.7 Make Prepaid Insurance Adjustment The student will make the prepaid insurance adjustment on the work sheet. 9.3.8 Prepare Federal Income Tax Adjustment The student will prepare the adjustment for federal income tax on a work sheet. 9.4 Preparing Financial Statements for a Corporation The student will complete corporation financial statements. 9.4.1 Prepare Income Statement The student will prepare an income statement for a corporation. 9.4.2 Prepare Statement of Stockholders Equity The student will prepare a statement of stockholders equity for a corporation. 9.4.3 Prepare Balance Sheet The student will prepare a balance sheet for a corporation. 9.5 Adjusting and Closing Entries The student will analyze and record adjusting and closing entries for a corporation. 9.5.1 Post-Closing Trial Balance The student will prepare a post-closing trial balance for a corporation. 10. Automated Accounting: End-of-Fiscal-Period Work The student will use automated accounting to complete end-of-fiscal-period work. 10.1 Updating General Ledger Account Balances The student will bring General Ledger account balances up-to-date at the end of a fiscal period. 10.1.1 Prepare Adjusting Entries The student will prepare and record the adjusting entries. 10.1.2 Process Adjusting Entries The student will process the adjusting entries. 10.2 Preparing End-of-Fiscal-Period Reports The student will complete the end-of-fiscal-period reports for a corporation. 10.2.1 Process Income Statement The student will process an income statement. 10.2.2 Process Balance Sheet The student will process a balance sheet. 10.2.3 Process Post-Closing Trial Balance The student will process a post-closing trial balance 10.2.4 Accounting simulation The student will satisfactorily complete an accounting simulation for a fictitious company set up as a merchandising business organized as a corporation. 11. A Voucher System The student will learn to use the voucher system. 11.1 Accounting Terminology The student will learn to use correct accounting vocabulary. 11.1.1 Define Accounting Terms The student will define accounting terms related to a voucher system. 11.2 Identify Concepts and Practices of a Voucher System The student will identify accounting concepts and practices related to a voucher system. 11.2.1 Verify an Invoice The student will verify an invoice. 11.2.2 Prepare a Voucher The student will prepare a voucher from an invoice. 11.2.3 Record a Voucher in Voucher Register s Special Columns The student will record a voucher in a voucher register s special columns. 11.2.4 Record a Voucher in General Columns The student will record a voucher in a voucher register s General columns. 11.2.5 Prove, Rule and Post a Voucher Register The student will prove, rule and post a voucher register.
11.2.6 Prepare Voucher Check The student will prepare a voucher check. 11.2.7 Record Payments The student will record payments in a check register. 12. A Petty Cash System The student will learn to use a petty cash system. 12.1 Accounting Terminology The student will learn proper accounting vocabulary. 12.1.1 Define Accounting Term The student will define accounting terms related to a petty cash system. 12.2 Identify Accounting Concepts The student will identify accounting concepts and practices related to a petty cash system. 12.2.1 Establish a Petty Cash Fund The student will establish a petty cash fund using a voucher system. 12.2.2 Record Petty Cash Payments 12.2.3 Prepare Replenishing Voucher The student will prepare a voucher to replenish a petty cash fund. 12.2.4 Determine Status of Petty Cash Fund The student will determine if a petty cash fund is short or over. 12.2.5 Establish and Replenish Petty Cash Fund The student will establish and replenish a petty cash fund using a cash payments journal. 13. An Inventory System The student will learn to use an inventory system. 13.1 Accounting Terminology The student will learn proper accounting vocabulary. 13.1.1 Accounting Terms The student will define account terms related to an inventory system. 13.2 Accounting Concepts and Practices The student will identify accounting concepts and practices related to an inventory system. 13.2.1 Determining Cost of Merchandise The student will determine the cost of merchandise inventory using the FIFO, LIFO, and weighted-average methods. 13.2.2 Estimate Cost of Merchandise The student will estimate the cost of merchandise inventory using the gross profit method.